IonQ (NYSE:IONQ – Get Free Report) had its price objective boosted by research analysts at Needham & Company LLC from $13.00 to $18.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 9.42% from the stock’s previous close.
A number of other research analysts have also recently commented on the stock. Benchmark cut their price target on shares of IonQ from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, August 12th. The Goldman Sachs Group cut their price target on shares of IonQ from $11.50 to $8.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Finally, Craig Hallum cut their price target on shares of IonQ from $21.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th.
Read Our Latest Stock Analysis on IONQ
IonQ Stock Performance
IonQ (NYSE:IONQ – Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The firm had revenue of $11.38 million for the quarter, compared to analysts’ expectations of $8.66 million. IonQ had a negative net margin of 525.13% and a negative return on equity of 34.02%. The business’s revenue for the quarter was up 106.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.16) earnings per share. As a group, research analysts forecast that IonQ will post -0.84 earnings per share for the current year.
Insider Buying and Selling at IonQ
In other IonQ news, CRO Rima Alameddine sold 9,875 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $11.72, for a total transaction of $115,735.00. Following the completion of the sale, the executive now directly owns 638,908 shares of the company’s stock, valued at approximately $7,488,001.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 66,000 shares of company stock valued at $972,331. 11.60% of the stock is currently owned by insiders.
Hedge Funds Weigh In On IonQ
Several hedge funds and other institutional investors have recently modified their holdings of IONQ. Quest Partners LLC raised its position in shares of IonQ by 4,824.2% in the 2nd quarter. Quest Partners LLC now owns 6,500 shares of the company’s stock valued at $46,000 after purchasing an additional 6,368 shares during the last quarter. Redwood Wealth Management Group LLC purchased a new position in IonQ during the 2nd quarter worth approximately $67,000. nVerses Capital LLC purchased a new position in IonQ during the 3rd quarter worth approximately $72,000. Mosley Wealth Management purchased a new position in IonQ during the 2nd quarter worth approximately $81,000. Finally, Xponance Inc. purchased a new position in IonQ during the 2nd quarter worth approximately $88,000. 41.42% of the stock is owned by hedge funds and other institutional investors.
About IonQ
IonQ, Inc engages in the development of general-purpose quantum computing systems in the United States. It sells access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service.
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